HD Fire Protect IPO: Date, GMP, Price Band & Subscription

MAINBOARD LISTED · updated 22 Oct 2026, 5:57 pm IST · हिंदी में पढ़ें

Compiled by the Xflot IPO desk from NSE and BSE issue data, RHP, the registrar, grey-market quotes (unofficial) · Updated 22 Oct 2026, 05:47 pm IST · How we source each figure

A forecast is a guess about an outcome, scored on listing day. Not a recommendation — how it works.

Valuation at the band

From the company's RHP dated 2026-10-05, every input checked against the document; prices from the exchange. Figures side by side — not a view on whether the price is right.

P/E against the listed peers the company names

Who is bidding

The exchange's own category-wise book, as at 17 Oct 2026. Most sites show four categories; NSE publishes twenty-one, including mutual funds separately.

Where the book is building

Cumulative shares bid at each price point, against 1,84,20,492 on offer. An issue subscribed at the floor is a different thing from one subscribed at the ceiling, and the headline multiple cannot tell them apart.

Cut-off bids: 16,13,62,740 shares — applications that accept whatever price is finally set.

HD Fire Protect IPO GMP — day by day

Subscription status

HD Fire Protect IPO lot size

At the upper band. Retail bids are capped at ₹2 lakh; small NII is above ₹2 lakh up to ₹10 lakh; big NII above ₹10 lakh. Retail and small-NII bidders may bid at the cut-off price.

HD Fire Protect IPO dates

"Expected" dates follow SEBI's T+3 timetable from the closing day, skipping weekends and market holidays; the exchange's or the company's own date replaces each one as soon as it is published.

Documents and links

About this issue

From the prospectus

Over 3 reported periods (FY2024 to FY2026), revenue moved +31%, and the latest period was profitable at ₹1,167.9 mn. Figures are as stated in the company's RHP dated 2026-10-05, in ₹ million.

What the company does

HD Fire Protect designs and manufactures fire protection equipment and systems, including fire suppression products, at manufacturing facilities in Maharashtra. It sells in India and abroad: 34.69% of Fiscal 2026 revenue from operations came from outside India, with the Middle East and the rest of Asia named as key export markets, and 85.20% of that year's revenue came from repeat customers. Revenue from operations was ₹4,892.81 million in Fiscal 2026 and profit for the year ₹1,167.87 million. The company reported no fund-based borrowings as on September 30, 2026.

Promoters

The promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi. Promoters and promoter group together hold 175,230,000 equity shares, which is 100% of the company before the offer. Harish Narshi Dharamshi and Kusum Harish Dharamshi are the selling shareholders, offering up to 8,983,700 and 17,300,800 shares.

What the money is for

• Offer for sale only: all proceeds go to the promoter selling shareholders and the company receives none

Risks the company itself lists

• A malfunction or failure of its fire protection equipment could lead to loss of life, property damage, warranty claims, legal claims and reputational harm.
• About a third of revenue from operations comes from outside India (34.69% in Fiscal 2026), so adverse conditions in export markets such as the Middle East and the rest of Asia could hurt the business.
• The top 10 suppliers accounted for 47.76% of total expenses in Fiscal 2026, and the company has no long-term purchase agreements or firm commitments with its suppliers.
• Its products need regulatory approvals and certifications in India and overseas, and a failure to obtain, maintain or renew them may affect operations.
• The manufacturing facilities are all in Maharashtra and accounted for 63.49% of revenue from operations in Fiscal 2026, which exposes the company to regional disruption.
• One of the joint statutory auditors resigned before completing the term and was later appointed the company's CFO, which the document says may be perceived negatively.
• The offer is entirely an offer for sale, so the company receives none of the proceeds; they go to the promoter selling shareholders.

Listed peers named in the document

Azad Engineering Limited — P/E 145.65x — Listed capital goods peer named in the Basis for Offer Price; P/E on diluted EPS at the September 30, 2026 close · KSB Limited — P/E 55.68x — Listed peer; figures for the year ended December 31, 2025 · Kirloskar Pneumatic Company Limited — P/E 17.2x — Listed peer; P/E on diluted EPS · Elgi Equipment Limited — P/E 44.83x — Listed peer; P/E on diluted EPS · Ingersoll-Rand (India) Limited — P/E 51.39x — Listed peer; P/E on diluted EPS

Lead managers: Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited.

Source: the RHP filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.

Allotment status and registrar for HD Fire Protect →

Frequently asked questions